[Added 9-12-2012 by Ord.
No. 1647-2012]
A.
Block 103.2, Lot 1.01 — "Property 1." Commencing the first
full tax year after the tax year in which this section is adopted
(2012) the improvements to Property 1 shall be subject to property
taxes on the following five-year phase-in schedule:
Year 1 — 100% exemption from assessor's full and
true value of the improvement;
Year 2 — 80% exemption from assessor's full and true
value of the improvement;
Year 3 — 60% exemption from assessor's full and true
value of the improvement;
Year 4 — 40% exemption from assessor's full and true
value of the improvement;
Year 5 — 20% exemption from assessor's full and true
value of the improvement.
Commencing year 6, no exemption applies and taxes are payable
on the assessor's full and true value of the improvements.
B.
1.
Block 103.2, Lot 1.01 — "Property 2" — Commencing the
first tax year following completion of the improvements to Property
2, it shall be subject to property taxes on the following five-year
phase-in schedule:
Year 1 — 100% exemption from assessor's full and
true value of the improvement;
Year 2 — 80% exemption from assessor's full and true
value of the improvement;
Year 3 — 60% exemption from assessor's full and true
value of the improvement;
Year 4 — 40% exemption from assessor's full and true
value of the improvement;
Year 5 — 20% exemption from assessor's full and true
value of the improvement.
Commencing the sixth year following completion of construction
no exemption applies and taxes are payable on the assessor's
full and true value of the improvements.
[Amended 2-25-2015 by Ord. No. 1755-2015]
2.
This paragraph B shall expire and be rendered null and void commencing
the sixth year following completion of the construction on Property
2.
[Amended 2-25-2015 by Ord. No. 1755-2015]
C.
This section shall expire and be rendered null and void commencing
tax year 2020.
